Athabasca Minerals Inc. Announces Results of Salt and Diamond Exploration Programs
January 17, 2008
Edmonton, Alberta -- January 17, 2008 -- Athabasca Minerals Inc. (TSX Venture: ABM) is pleased to announce the successful completion of a salt evaluation well in the Fort McMurray region of Alberta. The well was drilled to evaluate subsurface salt deposits as a source of raw material for chemicals manufacture -- chemicals that have extensive use in oil sands processing. Drilling was conducted on exploration permit lands 100% controlled by ABM and located approximately 45 km northwest of Fort McMurray. The drill site is on property strategically located near active and planned oil sand mining operations and proximal to producing thermal recovery schemes.
The test well, ABM Dover 6-8-92-12, was drilled to a depth of 490m. Top of the salt section was reached at 289m depth and a cumulative salt thickness of 120m was penetrated. The entire salt section (the Devonian Prairie Evaporite Formation) was cored, along with significant limestone units above and a minor dolomite interval below. The core is currently being slabbed and photographed, and will be extensively sampled for chemical analysis. Preliminary indications are that substantial intervals of the salt section would be amenable to salt mining extraction.
Diamond Exploration Program
ABM recently had an airborne magnetic survey flown over an 8-township permit block held by the Company in the Birch Mountain area. The survey was launched as a follow-up to encouraging results obtained from the stream sediment sampling program conducted on the Company's McIvor River property. Results from the Kimberlite Indicator Minerals (KIM) study were reported October 11, 2007. Magnetic data from the survey are currently being evaluated for possible kimberlite targets.
In addition to the McIvor River survey, two more airborne surveys are planned over Company permit lands for 1st quarter 2008. These are the Ells River and Clearwater River properties, located northwest and east of Fort McMurray. The Ells River survey will cover a 9-township block that lies on trend and within 11km of the diamondiferous Legend kimberlite. The Clearwater survey will cover 2 townships. Analyses of these airborne surveys will be completed in February 2008.
Mr. Darrell Cotterill, P. Geol. is identified as ABM's qualified person for this news release.
About Athabasca Minerals
Athabasca Minerals Inc. is an innovative exploration company formed to explore for mineral resources other than oil, gas and oil sands in northeast Alberta. The company's aim is to find and develop local sources of the minerals essential to the economic development of the region (i.e. minerals used in oil sand processing, construction, and in the everyday requirements of community living). The company's permit holdings of 710,023 hectares in the vicinity of Fort McMurray, Alberta have exploration prospects for an assortment of industrial minerals including salt, silica sand, gypsum, limestone, and diamonds.
Independent from its mineral exploration activities, the company is also pursuing sand and gravel exploration and development projects throughout northern Alberta. These activities include contract works, gravel pit management, new gravel pit development and the acquisition of other sand and gravel operations.
Athabasca Minerals Inc.
Dom Kriangkum, P.Eng.
President and CEO
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Athabasca Minerals. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca Minerals does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.